Company T has a debt-to-equity ratio of 0.50. The company is considering a project that will require an initial investment of $54 million. The company's chief financial officer believes that all the investment needed will have to be raised externally. The flotation cost when issuing new equity is estimated to be 6.5% while the cost of issuing new debt is 2.6%. (1) What is the weighted average flotation cost percentage, and (2) by how much does it increase the amount that needs to be raised in order to cover the flotation costs?